nach oben

Small Business Economics

Erschienen in:

20.05.2022

Pioneering management buy-out and entrepreneurial finance research: Mike Wright’s research legacy

verfasst von: Aurélie Sannajust, Alexander Groh

Erschienen in: Small Business Economics | Ausgabe 1/2023

Einloggen

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config

KI-gestützte Suche

Aus

Abstract

This paper reviews Professor Mike Wright’s contributions to the management buy-out and entrepreneurial finance literature. It documents the development and variety of his academic work over time. We begin by describing Mike’s research impact, before analyzing his bibliometric records and providing definitions of his favorite research topics. We then discuss his individual papers starting with the emergence of buy-outs, agency costs, and corporate governance issues. After this, we move to internationalization, boom and bust, Mike’s acknowledgement of the arrival of active investors, emerging markets, deal structuring, syndication, new venture finance, financial and economic performance, and recent developments. We document the legacy of an abundant scholar and, thanks to his outstanding academic impact, provide guidance through the evolution of management buy-out and entrepreneurial finance research since its inception.

Nächster Artikel Bribery, on-the-job training, and firm performance

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

über 102.000 Bücher
über 537 Zeitschriften

aus folgenden Fachgebieten:

Automobil + Motoren
Bauwesen + Immobilien
Business IT + Informatik
Elektrotechnik + Elektronik
Energie + Nachhaltigkeit
Finance + Banking
Management + Führung
Marketing + Vertrieb
Maschinenbau + Werkstoffe
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

über 67.000 Bücher
über 340 Zeitschriften

aus folgenden Fachgebieten:

Bauwesen + Immobilien
Business IT + Informatik
Finance + Banking
Management + Führung
Marketing + Vertrieb
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

We note that this list is still not exhaustive. For example, Mike’s second academic paper, Arnfield et al. (1981), is not included in his Google Scholar profile. Nevertheless, Google Scholar does find the paper in an individual direct search query.

Note that Mike explicitly referred to venture capitalists in this paper.

Note that this paper refers to the term “syndication of venture capital private equity” and focuses on early-stage entrepreneurial investments and management buy-outs as if they were undertaken by the same type of generalist investors. It is possible that there was no obvious distinction between the two investment categories at that time and that such generalist investors were very common. We stick to the original terms used in the respective papers.

Ahlers, O., Hack, A., Madison, K., Wright, M., & Kellermanns, F. W. (2017). Is it all about money? Affective commitment and the difference between family and non-family sellers in buy-outs. British Journal of Management, 28(2), 159–179. https://doi.org/10.1111/1467-8551.12178CrossRef

Alperovych, Y., Amess, K., & Wright, M. (2013). Private Equity firm experience and buy-out vendor source: What is their impact on efficiency? European Journal of Operational Research, 228(3), 601–611. https://doi.org/10.1016/j.ejor.2013.01.019CrossRef

Amess, K., Stiebale, J., & Wright, M. (2016). The impact of private equity on firms׳ patenting activity. European Economic Review, 86, 147–160. https://doi.org/10.1016/j.euroecorev.2015.08.013CrossRef

Amess, K., & Wright, M. (2007). The wage and employment effects of leveraged buy-outs in the UK. International Journal of the Economics of Business, 14(2), 179–195. https://doi.org/10.1080/13571510701343923CrossRef

Amess, K., & Wright, M. (2012). Leveraged buy-outs, private equity and jobs. Small Business Economics, 38(4), 419–430. https://doi.org/10.1007/s11187-010-9280-9CrossRef

Arnfield, R.V., Chiplin, B., Jarrett, M. and Wright, M. (1981) Management buy-outs: corporate trend for the '80s? Nottingham: University of Nottingham.

Bacon, N., Hoque, K., & Wright, M. (2019). Is job insecurity higher in leveraged buy-outs? British Journal of Industrial Relations, 57(3), 479–512. https://doi.org/10.1111/bjir.12447CrossRef

Bacon, N., Wright, M., Ball, R., & Meuleman, M. (2013). Private equity, HRM, and employment. Academy of Management Perspectives, 27(1), 7–21. https://doi.org/10.5465/amp.2012.0130CrossRef

Bacon, N., Wright, M., & Demina, N. (2004). Management buy-outs and human resource management. British Journal of Industrial Relations, 42(2), 325–347. https://doi.org/10.1111/j.1467-8543.2004.00317.xCrossRef

Bacon, N., Wright, M., Demina, N., Bruining, H., & Boselie, P. (2008). The effects of private equity and buy-outs on HRM in the UK and the Netherlands. Human Relations, 61(10), 1399–1433. https://doi.org/10.1177/0018726708095709CrossRef

Bacon, N., Wright, M., Meuleman, M., & Scholes, L. (2012). The impact of private equity on management practices in European buy-outs: Short-termism, Anglo-Saxon, or host country effects? Industrial Relations: A Journal of Economy and Society, 51, 605–626. https://doi.org/10.1111/j.1468-232X.2012.00692.xCrossRef

Bacon, N., Wright, M., Scholes, L., & Meuleman, M. (2010). Assessing the impact of private equity on industrial relations in Europe. Human Relations, 63(9), 1343–1370. https://doi.org/10.1177/0018726709350087CrossRef

Baltas, K., F. Fiordelisi and D. S. Mare (2022). ‘Alternative finance after natural disaster’, British Journal of Management, forthcoming, https://doi.org/10.1111/1467-8551.12516

Barney, J. B., Ketchen, D. J., Jr., & Wright, M. (2011). The future of resource-based theory: Revitalization or decline? Journal of Management, 37(5), 1299–1315. https://doi.org/10.1177/0149206310391805CrossRef

Barney, J. B., Wright, M., & Ketchen, D. J., Jr. (2001). The resource-based view of the firm: Ten years after 1991. Journal of Management, 27, 625–641. https://doi.org/10.1177/014920630102700601CrossRef

Buck, T., Filatotchev, I., & Wright, M. (1994). Employee buy-outs and the transformation of Russian industry. Comparative Economic Studies, 36(2), 1–15. https://doi.org/10.1057/ces.1994.8CrossRef

Budhwar, P., Cumming, D., & Wood, T. (2022): Entrepreneurial finance and the legacy of Mike Wright, British Journal of Management, forthcoming, https://doi.org/10.1111/1467-8551.12535

Bruining, H., Bonnet, M., & Wright, M. (2004). Management control systems and strategy change in buy-outs. Management Accounting Research, 15(2), 155–177. https://doi.org/10.1016/j.mar.2004.03.003CrossRef

Bruining, H., Boselie, P., Wright, M., & Bacon, N. (2005). The impact of business ownership change on employee relations: Buy-outs in the UK and the Netherlands. The International Journal of Human Resource Management, 16(3), 345–365. https://doi.org/10.1080/0958519042000339543CrossRef

Bruining, H., Verwaal, E., & Wright, M. (2013). Private equity and entrepreneurial management in management buy-outs. Small Business Economics, 40(3), 591–605. https://doi.org/10.1007/s11187-011-9386-8CrossRef

Bruining, H., & Wright, M. (2002). Entrepreneurial orientation in management buy-outs and the contribution of Venture Capital. Venture Capital: An International Journal of Entrepreneurial Finance, 4(2), 147–168. https://doi.org/10.1080/13691060110117427CrossRef

Bruneel, J., Clarysse, B., Bobelyn, A., & Wright, M. (2020). Liquidity events and VC-backed academic spin-offs: The role of search alliances. Research Policy, 49(10), 104035. https://doi.org/10.1016/j.respol.2020.104035CrossRef

Bruton, G. D., Filatotchev, I., Chahine, S., & Wright, M. (2010). Governance, ownership structure, and performance of IPO firms: The impact of different types of Private Equity investors and institutional environments. Strategic Management Journal, 31(5), 491–509. https://doi.org/10.1002/smj.822CrossRef

Bruton, G., Khavul, S., Siegel, D., & Wright, M. (2015). New financial alternatives in seeding entrepreneurship: Microfinance, crowdfunding, and peer–to–peer innovations. Entrepreneurship Theory and Practice, 39(1), 9–26. https://doi.org/10.1111/etap.12143CrossRef

Buttice, V., Colombo, M. G., & Wright, M. (2017). Serial crowdfunding, social capital, and project success. Entrepreneurship Theory and Practice, 41(2), 183–207. https://doi.org/10.1111/etap.12271CrossRef

Capizzi, V., A. Croce and F. Tenca (2022). 'Do business angels’ investments make it easier raising follow-on venture capital financing? An analysis of the relevance of BAs' investment practices', British Journal of Management, forthcoming, https://doi.org/10.1111/1467-8551.12526

Chahine, S., Filatotchev, I., Bruton, G. D., & Wright, M. (2021). “Success by association”: The impact of venture capital firm reputation trend on initial public offering valuations. Journal of Management, 47, 2, February 2021, 368–398, https://doi.org/10.1177/0149206319847265

Chahine, S., Filatotchev, I., & Wright, M. (2007). Venture capitalists, business angels, and performance of entrepreneurial IPOs in the UK and France. Journal of Business Finance & Accounting, 34(3–4), 505–528. https://doi.org/10.1111/j.1468-5957.2007.02045.xCrossRef

Chahine, S., Goergen, M. and S. Saade (2022). ‘Foreign venture capitalists and access to foreign research: the case of US initial public offerings’, British Journal of Management, forthcoming, https://doi.org/10.1111/1467-8551.12451

Chiplin, B. and Wright, M. (1980): Divestment and structural change in UK Industry, National Westminster Bank Review, February 1980

Chrisman, J. J., Chua, J. H., Steier, L. P., Wright, M., & D’Lisa, N. M. (2012). An agency theoretic analysis of value creation through management buy-outs of family firms. Journal of Family Business Strategy, 3(4), 197–206. https://doi.org/10.1016/j.jfbs.2012.10.003CrossRef

Citron, D., Robbie, K., & Wright, M. (1997). Loan covenants and relationship banking in MBOs. Accounting and Business Research, 27(4), 277–294. https://doi.org/10.1080/00014788.1997.9729554CrossRef

Citron, D., Wright, M., Ball, R., & Rippington, F. (2003). Secured creditor recovery rates from management buy-outs in distress. European Financial Management, 9(2), 141–161. https://doi.org/10.1111/1468-036X.00213CrossRef

Clarysse, B., Wright, M., Lockett, A., Mustar, P., & Knockaert, M. (2007). Academic spin-offs, formal technology transfer and capital raising. Industrial and Corporate Change, 16(4), 609–640. https://doi.org/10.1093/icc/dtm019CrossRef

Clarysse, B., Wright, M., Lockett, A., Van de Velde, E., & Vohora, A. (2005). Spinning out new ventures: A typology of incubation strategies from European research institutions. Journal of Business Venturing, 20(2), 183–216. https://doi.org/10.1016/j.jbusvent.2003.12.004CrossRef

Coakley, J., A. Lazos and J. Linares-Zegarra (2022). Founder team quality in equity crowdfunding. British Journal of Management, forthcoming, https://doi.org/10.1111/1467-8551.12494

Coyne, J., & Wright, M. (1982). Buy-outs in British industry, Lloyds Bank Review, October. No., 146, 15–31.

Coyne, J., & Wright, M. (1985). Management buy-outs. Croom-Helm.

Cumming, D., Deloof, M., Manigart, S., & Wright, M. (2019). New directions in entrepreneurial finance. Journal of Banking & Finance, 100, 252–260. https://doi.org/10.1016/j.jbankfin.2019.02.008CrossRef

Devigne, D., Manigart, S., & Wright, M. (2016). Escalation of commitment in venture capital decision making: Differentiating between domestic and international investors. Journal of Business Venturing, 31(3), 253–271. https://doi.org/10.1016/j.jbusvent.2016.01.001CrossRef

Di Pietro, F., Monaghan, S., & O'Hagan‐Luff, M. (2022). Entrepreneurial finance and HRM practices in small firms. British Journal of Management, forthcoming, https://doi.org/10.1111/1467-8551.12493

Estrin, S., Khavul, S., & Wright, M. (2021a). Soft and hard information in equity crowdfunding: Network effects in the digitalization of entrepreneurial finance. Small Business Economics, 1-21, https://doi.org/10.1007/s11187-021-00473-w.

Estrin, S, Mickiewicz, T and Wilson, N. (2021b). An appreciation of the research career of Mike Wright (1952–2019). Foundations and Trends in Entrepreneurship. ISSN 1551–3114, forthcoming, https://doi.org/10.1561/0300000110

Farag, H., Hommel, U., Witt, P., & Wright, M. (2004). Contracting, monitoring, and exiting venture investments in transitioning economies: A comparative analysis of Eastern European and German markets. Venture Capital: An International Journal of Entrepreneurial Finance, 6, 257–282. https://doi.org/10.1080/1369106042000258490CrossRef

Farrell, E., Howorth, C., & Wright, M. (2008). A review of sampling and definitional issues in informal venture capital research. Venture Capital: An International Journal of Entrepreneurial Finance, 10(4), 331–353. https://doi.org/10.1080/13691060802151986CrossRef

Filatotchev, I., Grosfeld, I., Karsai, J., Wright, M., & Buck, T. (1996). Buy-outs in Hungary, Poland and Russia: Governance and finance issues. Economics of Transition, 4, 67–88. https://doi.org/10.1111/j.1468-0351.1996.tb00162.xCrossRef

Filatotchev, I., Starkey, K., & Wright, M. (1994). The ethical challenge of management buy-outs as a form of privatisation in Central and Eastern Europe. Journal of Business Ethics, 13, 523–532. https://doi.org/10.1007/BF00881297CrossRef

Filatotchev, I., Wright, M., & Arberk, M. (2006). Venture capitalists, syndication and governance in initial public offerings. Small Business Economics, 26(4), 337–350. https://doi.org/10.1007/s11187-005-2051-3CrossRef

Fraser, S., Bhaumik, S. K., & Wright, M. (2015). What do we know about entrepreneurial finance and its relationship with growth? International Small Business Journal, 33(1), 70–88. https://doi.org/10.1177/0266242614547827CrossRef

Grimaldi, R., Kenney, M., Siegel, D. S., & Wright, M. (2011). 30 years after Bayh–Dole: Reassessing academic entrepreneurship. Research Policy, 40(8), 1045–1057. https://doi.org/10.1016/j.respol.2011.04.005CrossRef

Hammer, B., S. Pettkus, D. Schweizer and N. Wünsche (2022). ‘Diversity - the more the merrier?’, British Journal of Management, forthcoming, https://doi.org/10.1111/1467-8551.12456

Harris, R., Siegel, D. S., & Wright, M. (2005). Assessing the impact of management buy-outs on economic efficiency: Plant-level evidence from the United Kingdom. Review of Economics and Statistics, 87(1), 148–153. https://doi.org/10.1162/0034653053327540CrossRef

Haynes, M., Thompson, S., & Wright, M. (2000). The determinants of corporate divestment in the UK. International Journal of Industrial Organization, 18, 1201–1222. https://doi.org/10.1016/S0167-2681(02)00167-1CrossRef

Hoque, K., Bacon, N., Boodoo, M. U., & Wright, M. (2020). Financialization, workforce recontracting, and job quality in leveraged buy-outs. Academy of Management Proceedings, 2020(1), 13431. https://doi.org/10.5465/AMBPP.2020.13431abstractCrossRef

Hoskisson, R. E., Eden, L., Lau, C. M., & Wright, M. (2000). Strategy in emerging economies. Academy of Management Journal, 43(3), 249–267. https://doi.org/10.2307/1556394CrossRef

Hoskisson, R. E., Wright, M., Filatotchev, I., & Peng, M. W. (2013). Emerging multinationals from mid-range economies: The influence of institutions and factor markets. Journal of Management Studies, 50(7), 1295–1321. https://doi.org/10.1111/j.1467-6486.2012.01085.xCrossRef

Howorth, C., Westhead, P., & Wright, M. (2004). Buy-outs, information asymmetry and the family management dyad. Journal of Business Venturing, 19(4), 509–534. https://doi.org/10.1016/j.jbusvent.2003.04.002CrossRef

Karsai, J., Wright, M., Dudzinski, Z. and Morovic, J. (1998): Screening and valuing venture capital investments: Evidence from Hungary, Poland and Slovakia, Entrepreneurship and Regional Development, Vol. 10, pp. 203-224, https://doi.org/10.1080/08985629800000012

Ketchen Jr, D. J., Combs, J. G., & Crook, T. R. (2021). The Wright stuff: a tribute to Mike Wright. Strategic Entrepreneurship Journal, forthcoming, https://doi.org/10.1002/sej.1401

Jelic, R., Saadouni, B., & Wright, M. (2005). Performance of private to public MBOs: The role of venture capital. Journal of Business Finance & Accounting, 32(3–4), 643–682. https://doi.org/10.1111/j.0306-686X.2005.00608.xCrossRef

Jelic, R., & Wright, M. (2011). Exits, performance, and late stage private equity: The case of UK management buy-outs. European Financial Management, 17(3), 560–593. https://doi.org/10.1111/j.1468-036X.2010.00588.xCrossRef

Jelic, R., Zhou, D., & Wright, M. (2019). Sustaining the buy-out governance model: Inside secondary management buy-out boards. British Journal of Management, 30(1), 30–52. https://doi.org/10.1111/1467-8551.12301CrossRef

Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323–329. https://doi.org/10.2139/ssrn.99580CrossRef

Kellard, N. M., A. Kontonikas, M. J. Lamla and S. Maiani (2022). Deal or no deal? Modelling the impact of Brexit uncertainty on UK private equity activity, British Journal of Management, forthcoming, https://doi.org/10.1111/1467-8551.12479

Klofsten, M., Fayolle, A., Guerrero, M., Mian, S., Urbano, D., & Wright, M. (2019). The entrepreneurial university as driver for economic growth and social change-Key strategic challenges. Technological Forecasting and Social Change, 141, 149–158. https://doi.org/10.1016/j.techfore.2018.12.004CrossRef

Knockaert, M., Clarysse, B., & Wright, M. (2010a). The extent and nature of heterogeneity of venture capital selection behaviour in new technology-based firms. R&D Management, 40(4), 357–371. https://doi.org/10.1111/j.1467-9310.2010.00607.xCrossRef

Knockaert, M., Lockett, A., Clarysse, B., & Wright, M. (2006). Do human capital and fund characteristics drive follow-up behaviour of early stage high-tech VCs? International Journal of Technology Management, 34(1–2), 7–27. https://doi.org/10.1504/IJTM.2006.009445CrossRef

Knockaert, M., Wright, M., Clarysse, B., & Lockett, A. (2010b). Agency and similarity effects and the VC’s attitude towards academic spin-out investing. The Journal of Technology Transfer, 35(6), 567–584. https://doi.org/10.1007/s10961-009-9138-yCrossRef

Lang, N. K. and P. Wirtz (2022). Kicking off the corporate governance lifecycle: seed funding, venture capital and the nascent board. British Journal of Management, forthcoming, https://doi.org/10.1111/1467-8551.12475

Le Pendeven, B., T. Bardon and S. Manigart (2022). Explaining the craze for crowdfunding as an academic research topic, British Journal of Management, forthcoming, https://doi.org/10.5465/AMBPP.2020.17580abstract

Levasseur, L., Johan, S., & Eckhardt, J. (2022). Mixed methods in venture capital research: An illustrative study and directions for future work. British Journal of Management, forthcoming, https://doi.org/10.1111/1467-8551.12514

Li, Y., Wright, M., Scholes, L., & Zhang, Z. (2019). The role of private equity when portfolio firms go public: Evidence from ChiNext board. Emerging Markets Finance and Trade, 55(12), 2851–2870. https://doi.org/10.1080/1540496X.2018.1536607CrossRef

Lockett, A., Murray, G., & Wright, M. (2002a). Do UK venture capitalists still have a bias against investment in new technology firms. Research Policy, 31, 1009–1030. https://doi.org/10.1016/S0048-7333(01)00174-3CrossRef

Lockett, A., Siegel, D., Wright, M., & Ensley, M. D. (2005). The creation of spin-off firms at public research institutions: Managerial and policy implications. Research Policy, 34(7), 981–993. https://doi.org/10.1016/j.respol.2005.05.010CrossRef

Locket, A. and Wright, M. (1999): The syndication of private equity: Evidence from the UK, Venture Capital: An International Journal of Entrepreneurial Finance, Vol. 1, No. 4, pp. 303-324, https://doi.org/10.1080/136910699295839

Lockett, A., & Wright, M. (2001). The syndication of venture capital investments. Omega, 29, 375–390. https://doi.org/10.1016/S0305-0483(01)00024-XCrossRef

Lockett, A., & Wright, M. (2002). Venture capital in Asia and the Pacific Rim, Venture Capital: An International Journal of Entrepreneurial. Finance, 4(3), 183–195. https://doi.org/10.1080/13691060213714CrossRef

Lockett, A., & Wright, M. (2005). Resources, capabilities, risk capital and the creation of university spin-out companies. Research Policy, 34(7), 1043–1057. https://doi.org/10.1016/j.respol.2005.05.006CrossRef

Lockett, A., Wright, M., Burrows, A., Scholes, L., & Paton, D. (2008). The export intensity of Venture Capital backed companies. Small Business Economics, 31(1), 39–58. https://doi.org/10.1007/s11187-008-9109-yCrossRef

Lockett, A., Wright, M., Sapienza, H. and Pruthi, S. (2002b): Venture capital investors, valuation and information: A comparative study of the US, Hong Kong, India and Singapore, Venture Capital: An International Journal of Entrepreneurial Finance, 4, No. 2, pp. 237-252, https://doi.org/10.1080/13691060213715

Manigart, S., Collewaert, V., Wright, M., Pruthi, S., Lockett, A., Bruining, H., Hommel, U., & Landstrom, H. (2007). Human capital and the internationalisation of venture capital firms. International Entrepreneurship and Management Journal, 3(1), 109–125. https://doi.org/10.1007/s11365-006-0021-0CrossRef

Manigart, S., De Waele, K., Wright, M., Robbie, K., Desbrières, P., Sapienza, H. and Beekman, A. (2000): VCs, investment appraisal and accounting information: a comparative study of the USA, UK, France, Belgium and Holland, European Financial Management, 6, No. 3, pp. 389-403, https://doi.org/10.1111/1468-036X.00130

Manigart, S., De Waelea, K., Wright, M., Robbie, K., Desbrières, P., Sapienza, H., & Beekman, A. (2002). Determinants of required return in venture capital investments: A five-country study. Journal of Business Venturing, 17, 291–312. https://doi.org/10.1016/S0883-9026(00)00067-7CrossRef

Manigart, S., Lockett, A., Meuleman, M., Wright, M., Landström, H., Bruining, H., Desbrières, P., & Hommel, U. (2006). Venture capitalists’ decision to syndicate. Entrepreneurship Theory and Practice, 30(2), 131–153. https://doi.org/10.1111/j.1540-6520.2006.00115.xCrossRef

Manigart, S., Wright, M., Robbie, K., Desbrières, P., & De Waele, K. (1997). VCs’ appraisal of investment projects: An empirical European study. Entrepreneurship Theory and Practice, 21(4), 29–43. https://doi.org/10.1177/104225879702100403CrossRef

Mmbaga, N. A., Mathias, B. D., Williams, D. W., & Cardon, M. S. (2020). A review of and future agenda for research on identity in entrepreneurship. Journal of Business Venturing, 35(6), https://doi.org/10.1016/j.jbusvent.2020.106049

Meuleman, M., Amess, K., Wright, M., & Scholes, L. (2009a). Agency, strategic entrepreneurship, and the performance of private equity–backed buy-outs. Entrepreneurship Theory and Practice, 33(1), 213–239. https://doi.org/10.1111/j.1540-6520.2008.00287.xCrossRef

Meuleman, M., Jääskeläinen, M., Maula, M. V., & Wright, M. (2017). Venturing into the unknown with strangers: Substitutes of relational embeddedness in cross-border partner selection in Venture Capital syndicates. Journal of Business Venturing, 32(2), 131–144. https://doi.org/10.1016/j.jbusvent.2017.01.001CrossRef

Meuleman, M., Wilson, N., Wright, M., & Neckebrouck, J. (2020). When the going gets tough: Private equity firms’ role as agents and the resolution of financial distress in buy-outs. Journal of Small Business Management, 1-28, https://doi.org/10.1080/00472778.2020.1717242

Meuleman, M., & Wright, M. (2011). Cross-border private equity syndication: Institutional context and learning. Journal of Business Venturing, 26(1), 35–48. https://doi.org/10.1016/j.jbusvent.2009.06.003CrossRef

Meuleman, M., Wright, M., Manigart, S., & Lockett, A. (2009b). Private equity syndication: Agency costs, reputation and collaboration. Journal of Business Finance & Accounting, 36(5–6), 616–644. https://doi.org/10.1111/j.1468-5957.2009.02124.xCrossRef

Mulley, C., & Wright, M. (1986). Buy-outs and the privatisation of national bus. Fiscal Studies, 7(3), 1–24.CrossRef

Nikoskelainen, E., & Wright, M. (2007). The impact of corporate governance mechanisms on value increase in leveraged buy-outs. Journal of Corporate Finance, 13(4), 511–537. https://doi.org/10.1016/j.jcorpfin.2007.04.002CrossRef

Pauwels, C., Clarysse, B., Wright, M., & Van Hove, J. (2016). Understanding a new generation incubation model: The accelerator. Technovation, 50, 13–24. https://doi.org/10.1016/j.technovation.2015.09.003CrossRef

Pendleton, A., M. Goergen and A. Kuvandikov (2022). ‘The impact of activist hedge funds on post-merger downsizing and performance’, British Journal of Management, forthcoming, https://doi.org/10.1111/1467-8551.12507

Pendleton, A., Wilson, N., & Wright, M. (1998). The perception and effects of share ownership: Empirical evidence from employee buy-outs. British Journal of Industrial Relations, 36(1), 99–123. https://doi.org/10.1111/1467-8543.00082CrossRef

Pérez-Calero, L., Larrañeta, B., & Wright, M. (2019). Initial public offering valuation and prior shared experience in the boardroom of threshold ventures: A study of industry effects. Corporate Governance: An International Review, 27(5), 322–340. https://doi.org/10.1111/corg.12281CrossRef

Phan, P. H., Siegel, D. S., & Wright, M. (2005). Science parks and incubators: Observations, synthesis and future research. Journal of Business Venturing, 20(2), 165–182. https://doi.org/10.1016/j.jbusvent.2003.12.001CrossRef

Pruthi, S., Wright, M., & Lockett, A. (2003). Do foreign and domestic venture capital firms differ in their monitoring of investees? Asia Pacific Journal of Management, 20, 175–204. https://doi.org/10.1023/A:1023840432241CrossRef

Renneboog, L., Simons, T., & Wright, M. (2007). Why do public firms go private in the UK? The impact of Private Equity investors, incentive realignment and undervaluation. Journal of Corporate Finance, 13(4), 591–628. https://doi.org/10.1016/j.jcorpfin.2007.04.005CrossRef

Robbie, K., & Wright, M. (1995). Managerial and ownership succession and corporate restructuring: The case pf management buy-ins. Journal of Management Studies, 32(4), 527–549. https://doi.org/10.1111/j.1467-6486.1995.tb00787.xCrossRef

Robbie, K., Wright, M., & Albrighton, M. (1999). High-tech management buy-outs, Venture Capital: An International Journal of Entrepreneurial. Finance, 1(3), 219–239. https://doi.org/10.1080/136910699295875CrossRef

Robbie, K., Wright, M., & Thompson, R. S. (1992). Management buy-ins in the UK, Omega. International Journal of Management Science, 20(4), 445–456. https://doi.org/10.1016/0305-0483(92)90019-4CrossRef

Scholes, L., Wright, M., Westhead, P., & Bruining, H. (2010). Strategic changes in family firms post management buy-out: Ownership and governance issues. International Small Business Journal, 28(5), 505–521. https://doi.org/10.1177/0266242610370390CrossRef

Scholes, L., Wright, M., Westhead, P., Bruining, H., & Kloeckner, O. (2009). Family-firm buy-outs, private equity, and strategic change. The Journal of Private Equity, 12(2), 7–18. https://doi.org/10.3905/JPE.2009.12.2.007CrossRef

Scholes, M. L., Wright, M., Westhead, P., Burrows, A., & Bruining, H. (2007). Information sharing, price negotiation and management buy-outs of private family-owned firms. Small Business Economics, 29(3), 329–349. https://doi.org/10.1007/s11187-006-9024-zCrossRef

Schnyder, G., Grosman, A., Fu, K., Siems, M., & Aguilera, R. V. (2022). Legal perception and finance: The case of IPO firm value. British Journal of Management, forthcoming, https://doi.org/10.2139/ssrn.3846913

Standaert, T., M. Knockaert and S. Manigart (2022). ‘Venture capital success and failure: A configurational approach to venture capital-backed firm growth’, British Journal of Management, forthcoming, https://doi.org/10.1111/1467-8551.12491

Sudarsanam, S., Wright, M., & Huang, J. (2011). Target bankruptcy risk and its impact on going private buy-out performance and exit. Corporate Governance: An International Review, 19(3), 240–258.CrossRef

Sun, P., Wright, M., & Mellahi, K. (2010). Is entrepreneur–politician alliance sustainable during transition? The case of management buy-outs in China. Management and Organization Review, 6(1), 101–121. https://doi.org/10.1111/j.1740-8784.2009.00157.xCrossRef

Thompson, R.S. and Wright, M. (1987): Management buy-outs, debt financing and agency costs: A critical appraisal, CMBOR Occasional Report No. 2

Thompson, R. S., & Wright, M. (1991). UK management buy-outs: Debt, equity and agency cost implications. Managerial and Decision Economics, 12, 15–26. https://doi.org/10.1002/mde.4090120103CrossRef

Thompson, R. S., Wright, M., & Robbie, K. (1989). Management buy-outs, debt, and efficiency: Some evidence from the UK. Journal of Applied Corporate Finance, 2(1), 76–86. https://doi.org/10.1111/j.1745-6622.1989.tb00556.xCrossRef

Thompson, R. S., Wright, M., & Robbie, K. (1992a). Management equity ownership, debt and performance: Some evidence from UK management buy-outs. Scottish Journal of Political Economy, 39(4), 413–430. https://doi.org/10.1111/j.1467-9485.1992.tb00630.xCrossRef

Thompson, R. S., Wright, M., & Robbie, K. (1992b). Buy-outs, divestment, and leverage: Restructuring transactions and corporate governance. Oxford Review of Economic Policy, 8(3), 58–69. https://doi.org/10.1093/oxrep/8.3.58CrossRef

Ucbasaran, D., Westhead, P., & Wright, M. (2001). The focus of entrepreneurial research: Contextual and process issues. Entrepreneurship Theory and Practice, 25(4), 57–80. https://doi.org/10.1177/104225870102500405CrossRef

Ucbasaran, D., Westhead, P., & Wright, M. (2008). Opportunity identification and pursuit: Does an entrepreneur’s human capital matter? Small Business Economics, 30(2), 153–173. https://doi.org/10.1007/s11187-006-9020-3CrossRef

Ucbasaran, D., Westhead, P., & Wright, M. (2009). The extent and nature of opportunity identification by experienced entrepreneurs. Journal of Business Venturing, 24(2), 99–115. https://doi.org/10.1016/j.jbusvent.2008.01.008CrossRef

Vohora, A., Wright, M., & Lockett, A. (2004). Critical junctures in the development of university high-tech spinout companies. Research Policy, 33(1), 147–175. https://doi.org/10.1016/S0048-7333(03)00107-0CrossRef

Weir, C., Laing, D., & Wright, M. (2005a). Incentive effects, monitoring mechanisms and the market for corporate control: An analysis of the factors affecting public to private transactions in the UK. Journal of Business Finance & Accounting, 32(5–6), 909–943. https://doi.org/10.1111/j.0306-686X.2005.00617.xCrossRef

Weir, C., Laing, D., & Wright, M. (2005b). Undervaluation, private information, agency costs and the decision to go private. Applied Financial Economics, 15(13), 947–961. https://doi.org/10.1080/09603100500278221CrossRef

Weir, C., & Wright, M. (2006). Governance and takeovers: Are public-to-private transactions different from traditional acquisitions of listed corporations? Accounting and Business Research, 36(4), 289–307. https://doi.org/10.1080/00014788.2006.9730029CrossRef

Westhead, P., & Wright, M. (1998). Novice, portfolio, and serial founders: Are they different? Journal of Business Venturing, 13(3), 173–204. https://doi.org/10.1016/S0883-9026(97)90002-1CrossRef

Westhead, P., Wright, M., & Ucbasaran, D. (2001). The internationalization of new and small firms: A resource-based view. Journal of Business Venturing, 16(4), 333–358. https://doi.org/10.1016/S0883-9026(99)00063-4CrossRef

Wilson, N., S. Amini and M. Wright (2022a). 'Determining the characteristics of the private equity targets: UK evidence', British Journal of Management, forthcoming, https://doi.org/10.1111/1467-8551.12518

Wilson, N., & Wright, M. (2013). Private equity, buy-outs and insolvency risk. Journal of Business Finance & Accounting, 40(7–8), 949–990. https://doi.org/10.2139/ssrn.1871651CrossRef

Wilson, N., Wright, M., & Kacer, M. (2018). The equity gap and knowledge-based firms. Journal of Corporate Finance, 50, 626–649. https://doi.org/10.1016/j.jcorpfin.2017.12.008CrossRef

Wilson, N., Wright, M., Siegel, D. S., & Scholes, L. (2012). Private equity portfolio company performance during the global recession. Journal of Corporate Finance, 18(1), 193–205. https://doi.org/10.1016/j.jcorpfin.2011.11.008CrossRef

Wilson, N., M. Wright and M. M. Uddin (2022b). Exporting by private equity backed portfolio companies. British Journal of Management, forthcoming.

Wright, M. (1985). Divestment and organizational adaption. European Management Journal, 3(2), 85–93. https://doi.org/10.1016/S0263-2373(85)80017-7CrossRef

Wright, M. (1986a). The make-buy decision and managing markets: The case of management buy-outs. Journal of Management Studies, 23(4), 443–464. https://doi.org/10.1111/j.1467-6486.1986.tb00427.xCrossRef

Wright, M. (1986b): Government sell-offs and the regulation of natural monopolies in the UK: The case of British Gas, CMBOR Occasional Report No. 1

Wright, M. (2007). VC in China: A view from Europe. Asia Pacific Journal of Management, 24(3), 269–281.CrossRef

Wright, M., Amess, K., Weir, C., & Girma, S. (2009a). Private equity and corporate governance: Retrospect and prospect. Corporate Governance: An International Review, 17(3), 353–375. https://doi.org/10.1111/j.1467-8683.2009.00744.xCrossRef

Wright, M., Bacon, N., & Amess, K. (2009b). The impact of private equity and buy-outs on employment, remuneration and other HRM practices. Journal of Industrial Relations, 51(4), 501–515. https://doi.org/10.1177/0022185609339515CrossRef

Wright, M., Buck, T., & Filatotchev, I. (1998). Bank and investment fund monitoring of privatized firms in Russia. Economics of Transition, 6(2), 361–387. https://doi.org/10.1111/j.1468-0351.1998.tb00054.xCrossRef

Wright, M., Chiplin, B., Thompson, R. S., & Robbie, K. (1990). Management buy-outs, trade unions and employee ownership. Industrial Relations Journal, 21(2), 136–146. https://doi.org/10.1111/j.1468-2338.1990.tb00847.xCrossRef

Wright, M., Coyne, J., & Lockley, H. (1984). Management buy-outs and trade unions: Dispelling the myths. Industrial Relations Journal, 15(3), 45–52. https://doi.org/10.1111/j.1468-2338.1984.tb00492.xCrossRef

Wright, M., Coyne, J., & Robbie, K. (1987). Management buy-outs in Britain: A monograph. Long Range Planning, 20(4), 38–49. https://doi.org/10.1016/0024-6301(87)90154-3CrossRef

Wright, M., Filatotchev, I., Hoskisson, R. E., & Peng, M. W. (2005a). Strategy research in emerging economies: Challenging the conventional wisdom. Journal of Management Studies, 42(1), 1–33. https://doi.org/10.1111/j.1467-6486.2005.00487.xCrossRef

Wright, M., Gilligan, J., & Amess, K. (2009c). The economic impact of private equity: What we know and what we would like to know. Venture Capital: An International Journal of Entrepreneurial Finance, 11(1), 1–21. https://doi.org/10.1080/13691060802151887CrossRef

Wright, M., Hoskisson, R. E., Busenitz, L. W., & Dial, J. (2000a). Entrepreneurial growth through privatization: The upside of management buy-outs. Academy of Management Review, 25(3), 591–601. https://doi.org/10.2307/259312CrossRef

Wright, M., Hoskisson, R. E., & Busenitz, L. W. (2001a). Firm rebirth: Buy-outs as facilitators of strategic growth and entrepreneurship. Academy of Management Executive, 15(1), 111–125. https://doi.org/10.5465/ame.2001.4251486CrossRef

Wright, M., Hoskisson, R. E., Busenitz, L. W., & Dial, J. (2001b). Finance and management buy-outs: Agency versus entrepreneurship perspectives. Venture Capital: An International Journal of Entrepreneurial Finance, 3(3), 239–261. https://doi.org/10.1080/13691060110060646CrossRef

Wright, M. and Jelic, R. (2020). Rumors of an eclipse are exaggerated. The PE model is here to stay. Annals of Corporate Governance, Vol. 5 (3), 208–236, https://doi.org/10.1561/109.00000027

Wright, M., Kitamura, M., & Hoskisson, R. (2003). Management buy-outs and restructuring Japanese corporations. Long Range Planning, 36, 355–373. https://doi.org/10.1016/S0024-6301(03)00067-0CrossRef

Wright, M., & Lockett, A. (2003). The structure and management of alliances: Syndication in the venture capital industry. Journal of Management Studies, 40(8), 2073–2102. https://doi.org/10.1046/j.1467-6486.2003.00412.xCrossRef

Wright, M., Lockett, A., Clarysse, B., & Binks, M. (2006a). University spin-out companies and venture Capital. Research Policy, 35(4), 481–501. https://doi.org/10.1016/j.respol.2006.01.005CrossRef

Wright, M., Lockett, A., & Pruthi, S. (2002). internationalization of western venture capitalists into emerging markets: Risk assessment and information in India. Small Business Economics, 19, 13–29. https://doi.org/10.1023/A:1015729430581CrossRef

Wright, M., Lockett, A., Pruthi, S., Manigart, S., Sapienza, H., Desbrières, P., & Hommel, U. (2004a). Venture capital investors, capital markets, valuation and information: US, Europe and Asia. Journal of International Entrepreneurship, 2(4), 305–326. https://doi.org/10.1007/s10843-004-0131-0CrossRef

Wright, M., Pruthi, S., Amess, K., & Alperovych, Y. (2019). Private equity: Where we have been and the road ahead. Venture Capital: An International Journal of Entrepreneurial Finance, 21(1), 51–64. https://doi.org/10.1080/13691066.2018.1518665CrossRef

Wright, M., Pruthi, S., & Lockett, A. (2005b). International venture capital research: From cross-country comparisons to crossing borders. International Journal of Management Reviews, 7(3), 135–165. https://doi.org/10.1111/j.1468-2370.2005.00113.xCrossRef

Wright, M., Renneboog, L., Simons, T., & Scholes, L. (2006b). Leveraged buy-outs in the UK and Continental Europe: Retrospect and Prospect. Journal of Applied Corporate Finance, 18(3), 38–55. https://doi.org/10.2139/ssrn.918121CrossRef

Wright, M., & Robbie, K. (1996). The investor-led buy-out: A new strategic option. Long Range Planning, 29(5), 691–702.CrossRef

Wright, M., & Robbie, K. (1998). VC and PE: A review and synthesis. Journal of Business Finance and Accounting, 25(5/6), 521–570. https://doi.org/10.1111/1468-5957.00201CrossRef

Wright, M., Robbie, K., & Albrighton, M. (2000b). Secondary management buy-outs and buy-ins. International Journal of Entrepreneurial Behaviour & Research, 6(1), 21–40. https://doi.org/10.1108/13552550010323069CrossRef

Wright, M., Robbie, K., Chiplin, B., & Albrighton, M. (2000c). The development of an organisational innovation: Management buy-outs in the UK, 1980–97. Business History, 42(4), 137–184. https://doi.org/10.1080/00076790000000305CrossRef

Wright, M., Robbie, K., & Ennew, C. (1997). Venture capitalists and serial entrepreneurs. Journal of Business Venturing, 12, 227–249. https://doi.org/10.1016/S0883-9026(96)06115-0CrossRef

Wright, M., Robbie, K., & Thompson, R. S. (1991). Corporate restructuring, buy-outs, and managerial equity: The European dimension. Journal of Applied Corporate Finance, 3(4), 47–58. https://doi.org/10.1111/j.1745-6622.1991.tb00563.xCrossRef

Wright, M., Robbie, K., Thompson, R. S., & Starkey, K. (1994a). Longevity and the life-cycle of management buy-outs. Strategic Management Journal, 15, 215–227. https://doi.org/10.1002/smj.4250150303CrossRef

Wright, M., & Siegel, D. (2021). Alternative investments, new organizational forms, and corporate governance. Academy of Management Perspectives, 35(1), 1–8. https://doi.org/10.5465/amp.2018.0182CrossRef

Wright, M., Thompson, R. S., & Robbie, K. (1989). Privatisation via management and employee buy-outs: Analysis and UK Experience. Annals of Public and Cooperative Economics, 60(4), 399–430. https://doi.org/10.1111/j.1467-8292.1989.tb01337.xCrossRef

Wright, M., Thompson, R. S., & Robbie, K. (1992). VC and management-led, leveraged buy-outs: A European perspective. Journal of Business Venturing, 7, 47–71. https://doi.org/10.1016/0883-9026(92)90034-OCrossRef

Wright, M., Thompson, R. S., & Robbie, K. (1996a). Buy-ins, buy-outs, active investors and corporate governance. Corporate Governance, 4(4), 222–234.CrossRef

Wright, M., Thompson, R. S., Robbie, K., & Wong, P. (1995). Management buy-outs in the short and long term. Journal of Business Finance & Accounting, 22(4), 461–482. https://doi.org/10.1111/j.1468-5957.1995.tb00372.xCrossRef

Wright, M., Vohora, A., & Lockett, A. (2004b). The formation of high-tech university spinouts: The role of joint ventures and VC investors. Journal of Technology Transfer, 29, 287–310. https://doi.org/10.1023/B:JOTT.0000034124.70363.83CrossRef

Wright, M., Weir, C., & Burrows, A. (2007). Irrevocable commitments, going private and private equity. European Financial Management, 13(4), 757–775. https://doi.org/10.1111/j.1468-036X.2007.00382.xCrossRef

Wright, M., Wilson, N., Gilligan, J., Bacon, N., & Amess, K. (2016). Brexit, private equity and management. British Journal of Management, 27(4), 682–686. https://doi.org/10.1111/1467-8551.12191CrossRef

Wright, M., Wilson, N., & Robbie, K. (1996b). The longer-term effect of management-led buy-outs. Entrepreneurial and Small Business Finance, 5(3), 213–234.CrossRef

Wright, M., Wilson, N., Robbie, K., & Ennew, C. (1994b). Restructuring and failure in buy-outs and buy-ins. Business Strategy Review, 5(2), 21–40. https://doi.org/10.1111/j.1467-8616.1994.tb00074.xCrossRef

Wright, M., Wilson, N., Robbie, K., & Ennew, C. (1996c). An analysis of management buy-out failure. Managerial and Decision Economics, 17, 57–70.CrossRef

Xiao, L. and A. Anderson (2022). The evolution of Chinese angels: Social ties and institutional development. British Journal of Management, forthcoming, https://doi.org/10.1111/1467-8551.12495

Zahra, S. A., & Wright, M. (2011). Entrepreneurship’s next act. Academy of Management Perspectives, 25(4), 67–83. https://doi.org/10.5465/amp.2010.0149CrossRef

Titel: Pioneering management buy-out and entrepreneurial finance research: Mike Wright’s research legacy
verfasst von: Aurélie Sannajust
Alexander Groh
Publikationsdatum: 20.05.2022
Verlag: Springer US
Erschienen in: Small Business Economics / Ausgabe 1/2023
Print ISSN: 0921-898X
Elektronische ISSN: 1573-0913
DOI: https://doi.org/10.1007/s11187-022-00635-4

Springer Professional

Abstract

Bitte loggen Sie sich ein, um Zugang zu Ihrer Lizenz zu erhalten.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Springer Professional "Wirtschaft"

Weitere Artikel der Ausgabe 1/2023

Correction: The timing dilemma: understanding the determinants of innovative startups’ patent collateralization for loans

What restricts SMEs from adopting sophisticated capital budgeting practices?

An empirical examination of firm growth in the MENA region through the lens of Gibrat’s law

The penalty of work from home: gender gap in productivity of unorganised manufacturing firms in India

The timing dilemma: understanding the determinants of innovative startups’ patent collateralization for loans

Entrepreneurs’ actions and venture success: a structured literature review and suggestions for future research

Premium Partner